GST is till date the biggest tax reform known that brought a uniform taxation system with many positive implications for the industries and return. Ever since GST regulations came in the scene, many businesses, manufacturers, and traders are in confusion regarding the calculations of new taxation's. They are facing several transitional issues in acknowledging such a modified and encompassing tax system even though it is far better than the earlier fragmented dicey tax pc. However, ERP is giving them with the facility to comply with GST and embrace the changes wholeheartedly. ERP of renowned platforms like Oracle, SAP, Odoo is helping companies to administer and adopt GST system, including taxes computation, configuration, liability accounting, master data amendments, reporting, crafted forth.
Read on below to know how ERP systems reveal a complete solution for businesses and services firms to comply with GST rules and undergo tax calculations.
Chart of Accounts
Businesses earlier used have got a separate accounting code for computing VAT (Value Added Taxes) and ST (Services tax) in all goods and services transactions respectively. But, now those codes get combined with GST their ERP's tax module. After the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from current to fresh account computer codes.
ERP's tax module will firms to calculate their tax returns on the sales and purchases data. After that it audits first decompose . before filing the GST returns. Great deal up enormous time for the company's accountants and enables them immensely when the daily transactions of goods or services are outstanding.
Error-free Taxation assessments filing
Besides supporting all connected with GST transactions, ERP's tax engine support in easy identification and correction of all errors for your painless filing of taxation statements. Further, it assists companies in exporting of tax returns statement to MS Excel system to upload or later give their Chartered Accountant, or tax expert.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data for any number of years at one placed into an organised way. So, they can later access it any time if requested. Being able to look for from a cloud source point, tax accountants works real-time without having any manual data.
ERP can give the facility to master all information about GST regulations in an individual GST Portal Login Online India unit. It enables the companies or taxpayers to agree to GST while issuing invoices for transactions. It configures the format for GST compliant invoices as per the business, auto-calculates the GST returns from every sale or purchase invoice and reconciles them.
All said and done, getting an ERP system GST ready is challenging job for that companies. Their existing system needs major revamping along with must know which in the modules will affect and which will correlate to new tax rules.
While smooth transitioning a few GST compliant ERP to get a costly affair, thinking about SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to help relieve their associated with GST return filing. With it, as opposed to filing all of the returns manually, they require to just put in all sales and purchase invoices details and the GST returns gets computed automatically.